FPIOX Fees and Costs — Strategic Advisers Income Opportunities Fund
Data updated: 2026-07-24
The net expense ratio is 0.52% (0.77% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $24K in broker commissions, 0.0014% of average net assets, and portfolio turnover was 41%.
FPIOX Fees and Expenses
Annual operating expenses and sales charges of FPIOX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.40% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.77% |
| Fee waiver | −0.25% |
| Net expense ratio | 0.52% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
FPIOX Costs Over Time
On $10,000 invested in FPIOX, assuming 5% a year before costs, total costs come to $329 over 5 years, cutting the return by 0.55% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.52%) | $55 | $171 | $298 |
| Trading costs (broker commissions) | $0 | $0 | $1 |
| Lost growth on money paid in costs | $0 | $8 | $30 |
| Total costs | $55 | $180 | $329 |
| Value after costs | $10,445 | $11,396 | $12,434 |
| Impact on return, per year | 0.55% | 0.55% | 0.55% |
FPIOX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending February 28, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0014%
- Total broker commissions: $24K
- Bought from dealers (principal trades, not a cost): $817.7M
- Portfolio turnover (prospectus): 41%
- Securities on loan, average value: $7.8M
- Net income from securities lending: $38K (0.002% of average net assets)
FPIOX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS GROUP INC (THE) | $11K | 49.60% |
| OLD MISSION GROUP LLC | $5K | 20.51% |
| JEFFERIES FINANCIAL GROUP INC | $2K | 8.06% |
| JPMORGAN CHASE and CO | $2K | 8.01% |
| BANK OF AMERICA CORPORATION | $1K | 5.36% |
| BARCLAYS PLC | $775 | 3.35% |
| CITIGROUP INC | $528 | 2.28% |
| SUSQUEHANNA INTERNATIONAL GROU P, LLP | $273 | 1.18% |
| STIFEL FINANCIAL CORP | $213 | 0.92% |
| ROYAL BANK OF CANADA | $167 | 0.72% |
FPIOX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JPMORGAN CHASE and CO | $116.3M | 18.21% |
| MORGAN STANLEY | $108.6M | 17.01% |
| BANK OF AMERICA CORPORATION | $106.1M | 16.62% |
| GOLDMAN SACHS GROUP INC (THE) | $85.9M | 13.45% |
| CITIGROUP INC | $66.6M | 10.44% |
| BARCLAYS PLC | $52.2M | 8.17% |
| JEFFERIES FINANCIAL GROUP INC | $34.9M | 5.47% |
| WELLS FARGO and CO | $26.8M | 4.20% |
| DEUTSCHE BANK AG | $25.0M | 3.92% |
| ROYAL BANK OF CANADA | $15.9M | 2.49% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.